The ISDA-Clarus RFR Adoption Indicator increased to 52.9% in February 2023 compared to 51.0% in January 2023. The indicator tracks how much global trading activity (as measured by DV01) is conducted in cleared over-the-counter and exchange-traded interest rate derivatives (IRD) that reference the identified risk-free rates (RFRs) in eight major currencies. On a traded notional basis, the percentage of RFR-linked IRD increased to 49.1% of total IRD transacted in February 2023 compared to 48.3% the prior month.
The indicator has been updated to include the Canadian Overnight Repo Rate Average (CORRA) and the Singapore Overnight Rate Average (SORA). All historical data has been restated to reflect the additional RFRs.
Key highlights for February 2023 include:
- RFR-linked IRD DV01 increased to $22.6 billion from $18.4 billion the prior month.
- Total IRD DV01 increased to $42.8 billion compared to $36.1 billion the prior month.
- RFR-linked IRD traded notional increased to $125.5 trillion from $99.3 trillion the prior month.
- Total IRD traded notional increased to $255.4 trillion compared to $205.6 trillion the prior month.
- The percentage of trading activity in SOFR increased to 59.1% of total USD IRD DV01 in February 2023 compared to 58.5% the prior month.
- CHF, GBP and SGD accounted for 100% of total CHF IRD DV01, 99.8% of total GBP IRD DV01 and 97.8% of total SGD IRD DV01, respectively.
- JPY had the highest percentage of RFR-linked IRD DV01 executed as transactions with tenors longer than two years.
To access interactive charts and export the data, click here.
A whitepaper on the methodology is available here.
Documents (1) for ISDA-Clarus RFR Adoption Indicator: February 2023
Latest
FRTB Impact on Correlation Trading
The capitalization of the correlation trading portfolio (CTP) under the Fundamental Review of the Trading Book will have an adverse economic impact for users of these instruments. In particular, there is a lack of clarity and consistency in the application...
ISDA In Review – September 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in September 2025.
A Path to Greater CFTC-SEC Alignment
Earlier this week, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) held a roundtable on regulatory harmonization – an initiative we wholeheartedly support. The US regulatory framework has evolved over time to facilitate financial markets...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.